Achievements for
financial services & payments

Outcome: In 2017 techUK established itself as an important interlocutor on open banking and on distributed ledger technologies. Additionally, techUK has forged a prominent position within the Open Banking Implementation Entity, with a seat on the Policy Advisory Board, which will provide the main stakeholder voice for the future of Open Banking.

techUK will lead a stakeholder only advisory group from Jan 2018. We have had regular meetings with the Treasury, Competition and Markets Authority and the Financial Conduct Authority – techUK now sits on a number of FCA advisory groups. We are a major stakeholder for the New Payments Systems Operator. In addition we continue to work closely with the City of London Corporation, the BSI, Innovate Finance and the DIT.

Develop Markets

Outcome: techUK has successfully engaged in the working groups of the Open Banking Implementation Entity. The team has championed the need for the tech industry to have an equal voice in setting standards and in promoting a long-term vision for digital financial services. Additionally it has campaigned for more representative governance of Open Banking after the implementation of PSD2. This has led the FCA to intervene and convene a cross-government/industry meeting to examine this issue.

techUK’s major paper – From Open Banking to Open Financial Services – the Long View, set out a vision for an integrated digital financial services future in the UK and techUK will continue to urge policy-makers to develop this strategy.

Outcome: techUK has closely followed the work of the Payments Strategy Forum, attending briefings and contributing to consultations. With the strategy now complete, techUK has developed strong ties with the New Payment Systems Operator, which sees techUK as a key stakeholder. In 2018 techUK will work to secure seats for techUK and its members on the NPSO Advisory Councils in early 2018.

Outcome: techUK’s DLT working group has gone from strength-to-strength in 2017, running It ran five significant events in 2017. The issues on ICOs and crypto-currencies are also coming more to the fore, which is boosting interest. techUK’s DLT group produced a White Paper, which tracked the emergence of DLT and examined the opportunities and risks for companies considering adoption of the technology. techUK worked with Govnet on a major DLT event in 2017, which will run again in 2018 and will also involve other techUK programmes including health and social care, IoT, transport and energy.

techUK is also engaged with a group led by Lord Holmes, which is pushing for a UK-wide strategy on developing DLT across sectors. techUK members will be invited to join a number of working groups in 2018.

The Insurance Working Group was re-launched mid-2017 with a new Chairperson and a new set of priorities, identified through member feedback. The issues the group is focusing on include; IoT and insurance; the insurance of technologies; cyber-security and identity and personal data.

Reduce Business Cost & Risk

techUK is now in a position to act as a strong advocacy voice for the innovative tech sector in financial services. Our position is that tech companies must have an equal voice in developing standards and in setting policies, which will lead to a collaborative eco-system for financial services over the next decade. Many different types of technologies will go in to making such a system function and techUK will act as a central hub where companies can present a united voice. The team’s work continues to position techUK and its members as essential participants in policy-making and standards development for the new digital-based infrastructures that are emerging.

About techUK

techUK represents the companies and technologies that are defining today the world that we will live in tomorrow. More than 950 companies are members of techUK. Collectively they employ approximately 700,000 people, about half of all tech sector jobs in the UK. These companies range from leading FTSE 100 companies to new innovative start-ups. The majority of our members are small and medium-sized businesses.

techUK is committed to helping its members grow, by:

• Developing markets

• Developing relationships and networks

• Reducing business costs

• Reducing business risks.

techUK is the trading name for Information Technology Telecommunications and Electronics Association, a company limited by guarantee. Registered in England number 1200318.